PDH(SH:600048) KAIYUAN SECURITIES·2024-08-09 10:03Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company is recognized as a leading central enterprise with excellent management capabilities, maintaining a "Buy" rating due to its solid sales position and recovery in land acquisition intensity [4]. - The company reported a slight revenue increase, with a year-on-year growth of 1.6% in H1 2024, but faced a significant decline in net profit, down 38.6% year-on-year [5]. - The sales decline is narrowing, with a total signed area of 1,099.2 million square meters from January to July 2024, representing a year-on-year decrease of 29.6% [6]. Financial Performance - The company achieved a revenue of 139.27 billion yuan in H1 2024, with a net profit of 7.51 billion yuan, resulting in an EPS of 0.63 yuan [5]. - The projected net profit for 2024-2026 is estimated at 13.19 billion, 14.25 billion, and 15.16 billion yuan respectively, with corresponding EPS of 1.10, 1.19, and 1.27 yuan [4]. - The company's asset-liability ratio stands at 75.88%, showing a slight decrease from the previous year [7]. Land Acquisition and Sales - In July 2024, the company acquired 7 plots of land in major cities, with a total land payment of 14.75 billion yuan, achieving a land acquisition intensity of 58.3% [6]. - The total land acquisition from January to July 2024 was 19 plots, with a total land payment of 25.54 billion yuan, reflecting a year-on-year decrease of 64.6% [6]. Financing and Debt Structure - The company successfully issued bonds totaling 32.75 billion yuan in the first seven months of 2024, maintaining a low interest rate of no more than 3.2% [7]. - The cash balance as of Q1 2024 was 129.55 billion yuan, with total assets and net assets showing a slight decline and increase respectively compared to the end of 2023 [7].